New technologies and legal sector
The implementation of new technologies in sectors of all kinds is one of the levers of business development, probably the most important, which in many cases will define the success or failure of most companies in the immediate future.
The Law sector could not and cannot be oblivious to this phenomenon and its digitization is unavoidable for both Public Administrations and professional firms.
Given the growing complexity of legal information, the new needs of clients and the transformation of the market, legal professionals increasingly resort to technological solutions to achieve better results. However, not all lawyers do it at the same rate. According to the results of the Future Ready Lawyer 2019 survey, lawyers who are already leveraging technology have the advantage of anticipation, which gives them greater profitability and better preparation to take on the change, but less than a third of lawyers say that their Organizations are prepared to address any of these trends. In fact, while 72% of lawyers worry about "dealing with increased volume and complexity of information", only 31% indicate that their organization is very prepared to do so.
Yet legal professionals are increasingly turning to accessible, high-impact technologies that enable them to achieve better outcomes and deliver greater value to their clients through data-driven insights and analytics, as well as increased efficiency and productivity." 53% of lawyers indicate that their firm's technology investment will increase in the next three years, with Technology Leaders reporting their greater willingness to increase their technology investment in the future Lack of technology knowledge, understanding or skills is the main reason for resistance to new technologies (36%), followed by organizational (34%) and financial (30%) issues.
However, the questions that require a more immediate and concrete answer are not those related to the practical applications that digitization has for the Administration, lawyers and clients. That is, the answer to questions such as: How can tasks as specific as tax and legal tasks be digitized? What technologies can improve these business processes? How should companies act to be more efficient with this digitization?
These are some of the questions that have been addressed at the NewLaw Summit 2022, an event that has analyzed the different digital solutions in the tax and legal departments of companies.
Thus, five startups were selected at the meeting based on various criteria, among which the level of innovation and their business potential stand out. The selected projects are:
Advice through Augmented Virtual Reality (Startup Xperience Virtual). This augmented and mixed (extended) virtual reality solutions company already works in various sectors such as retail, banking, industry 4.0 or sports and presents an immersive, interactive and decentralized legal advice platform through virtual reality.
Knowledge management and AI (Startup Zapiens.ai). A knowledge management system in the cloud, based on Artificial Intelligence and Machine Learning with which all the knowledge of an organization's specialists is made accessible from one place. Its chatbot, Zap, learns and responds by updating users through questions or micro-training
Mass claims (Startup Reclamaclick). A collaborative platform that monetizes massive claims of any amount. Through the traceability of the entire claim process and interactions, it performs predictive analysis. The solution integrates the client within the process and allows the selection, contracting and monitoring of legal services provided to companies of different sizes.
Digitization for asset management (Startup Atalaya). Atalaya is presented as a technological solution whose mission is to orchestrate, through software.
We will follow the growth of these new companies to see how they develop solutions that we can all implement in our offices.
The technological field of the legal and tax world is a world to be explored, but there is no doubt that the future also lies here in the legal sector throughout the world.
Abogada Arantxa Lopez Cobo Nijdam
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